The Milk Road Show Solana vs Ethereum, Base Token + PUMP Path to $100b w/ Ryan Connor & Jesse Eckel
Sep 17, 2025
Ryan Connor, Head of Research at Blockworks, and Jesse Eckel, Founder of Opact Venture, tackle the shifting dynamics in the crypto landscape. They debate whether Ethereum is losing its edge to Solana’s nimble experimentation. The conversation dives into the rising relevance of apps like Pump.fun, exploring creator incentives and revenue growth. Additionally, they examine the future prospects of the Base token amid regulatory challenges, igniting thoughts on how application innovation may redefine the crypto market.
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Distribution Beats Going It Alone
- Apps gain when they sit inside an ecosystem with distribution and liquidity.
- Going fully isolated as an app-chain risks losing the pre-existing user and liquidity base.
Think Incentives Before Betting On Interop
- Expect leading chains to avoid wide Interop if they can keep liquidity and users.
- Watch incentives: dominant chains have more to lose by sharing liquidity standards.
Valuation And Flows Favor Solana
- Solana looks cheaper relative to revenue and is growing faster than Ethereum on several application metrics.
- If Solana gets SEC-friendly ETF flows, it could outperform materially.